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MREIT, Inc. (“MREIT”), the real estate investment trust of property giant Megaworld, reported a 34% year-on-year jump in 1H2026 distributable income to P2.49 billion, driven by its Wave 4 acquisition, improved portfolio occupancy, and further gains in operating efficiency. The strong performance sustained the higher level of dividends per share during the period.

The distributable income growth outpaced the 26% increase in 1H2026 revenues to P3.41 billion. Net operating income margin improved by 121 basis points to 81%, reflecting cost efficiencies and operating leverage across MREIT’s enlarged portfolio. Notably, the margin improvement was achieved despite inflationary pressures and higher energy-related costs arising from the Middle East crisis. MREIT’s disciplined cost management and transition to 100% renewable electricity supply across its portfolio helped manage exposure to volatility in electricity generation costs while supporting the company’s broader sustainability objectives.

Portfolio occupancy improved to 90% from 89% in the same period last year, reflecting the continued attractiveness of MREIT’s office properties within Megaworld’s integrated townships. MREIT’s occupancy remained well-above prevailing occupancy rates in both Metro Manila and provincial office markets reported by property consulting firms.

MREIT also declared its second-quarter cash dividend of P0.2630 per share, representing a 5% increase year-on-year and sustaining the higher level of dividends established following the completion of Wave 4 in 1Q2026. The dividend is payable on August 28, 2026 to stockholders on record as of August 14, 2026. The latest declaration brings MREIT’s total dividends for the first half of 2026 to P0.5260 per share, equivalent to an annualized dividend yield of 7.6% based on MREIT’s last closing price.

“As promised, we now structure every asset infusion we pursue to deliver material dividend-per-share accretion. The dividends declared in both the first and second quarters of 2026 reflect that commitment and demonstrate how Wave 4 is translating portfolio growth into tangible per-share returns for our shareholders,” says Jose Arnulfo C. Batac, President and CEO of MREIT, Inc.

Building on Wave 4, MREIT is advancing Wave 5 toward completion, its largest asset infusion to date. The previously announced P27-billion transaction will bring MREIT’s portfolio to over 950,000 square meters, subject to regulatory approval. Wave 5 will be implemented through a property-for-share swap at a subscription price of P16.50 per share, representing an 18.6% premium to MREIT’s 30-day volume-weighted average price. The transaction structure reflects MREIT’s disciplined approach to acquisitions, ensuring that portfolio expansion is pursued not merely for scale, but to enhance shareholder value through dividend-per-share accretion.